Norwest Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Norwest Equity Partners has acquired 3 companies. It has also invested in 4 others.

Norwest Equity Partners’ most common sectors for investment are consumer products (13%) and information technology (11%). The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (28%). In total, Norwest Equity Partners has invested in 25 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Univar Solutions for $4.2B.

In the last 3 years, Norwest Equity Partners has exited 8 companies. The Firm’s most common exit type is secondary buyout (44%). Norwest Equity Partners’ largest (disclosed) exit occurred in 2012 when it sold Becker Underwood for $1.2B.

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M&A Summary

M&A Total Activity108
- M&A Buy Activity64
- M&A Sell Activity44
Total Sectors Invested 32
Total Countries Invested 3
M&A Buy/Sell Connections 42
M&A Advisors 12

Norwest Equity Partners

80 South 8th Street, Suite 3600,
Minneapolis, Minnesota 55402
United States
(612) 215-1600
www.nep.com
tsolow@nep.com

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	10	-
Investment Size	30	250
Enterprise Value	50	500
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

250

Enterprise Value

500

values in millions of USD

Year	≤ '16	'17	'18	'19	'20	'21	T
Buy (2.2/yr)	#	53	4	3	2	1	1	64
vol	$7.3B						$7.3B
Sell (2.0/yr)	#	34	2	2	3	1	2	44
vol	$4.5B			$340M			$4.8B
	108

Year

≤ '16

'17

'18

'19

'20

'21

Buy (2.2/yr)

vol

$7.3B

Sell (2.0/yr)

vol

$4.5B

$340M

$4.8B

108

Company	Date	Value	Type
Focal Point Data Risk LLC	2021-08-02	-	Add-on Acquisition
Tampa, Florida · www.focal-point.com
Avtex Solutions LLC	2021-03-01	-	Add-on Acquisition
Minneapolis, Minnesota · www.avtex.com
recteq LLC	2021-02-01	-	Growth Capital
Marietta, Georgia · www.recteq.com
Red Monkey Foods, Inc.	2020-12-11	-	Secondary Buyout
Springfield, Missouri · www.redmonkeyfoods.com
Surgical Information Systems LLC	2020-10-15	-	Secondary Buyout
Alpharetta, Georgia · www.sisfirst.com
Clover Imaging Group	2019-12-16	-	Secondary Buyout
Hoffman Estates, Illinois · www.cloverimaging.com
Christy Sports LLC	2019-12-02	-	Secondary Buyout
Lakewood, Colorado · www.christysports.com
GoHealth, Inc.	2019-09-17	-	Secondary Buyout
Chicago, Illinois · www.gohealth.com
Arteriors	2019-06-25	-	Growth Capital
Carrollton, Texas · www.arteriorshome.com
Actagro LLC	2019-02-05	340M USD	Add-on Acquisition
Biola, California · www.actagro.com
View All >>

Company

Date

Value

Type

Focal Point Data Risk LLC

2021-08-02

Add-on Acquisition

Tampa, Florida · www.focal-point.com

Avtex Solutions LLC

2021-03-01

Add-on Acquisition

Minneapolis, Minnesota · www.avtex.com

recteq LLC

2021-02-01

Growth Capital

Marietta, Georgia · www.recteq.com

Red Monkey Foods, Inc.

2020-12-11

Secondary Buyout

Springfield, Missouri · www.redmonkeyfoods.com

Surgical Information Systems LLC

2020-10-15

Secondary Buyout

Alpharetta, Georgia · www.sisfirst.com

Clover Imaging Group

2019-12-16

Secondary Buyout

Hoffman Estates, Illinois · www.cloverimaging.com

Christy Sports LLC

2019-12-02

Secondary Buyout

Lakewood, Colorado · www.christysports.com

GoHealth, Inc.

2019-09-17

Secondary Buyout

Chicago, Illinois · www.gohealth.com

Arteriors

2019-06-25

Growth Capital

Carrollton, Texas · www.arteriorshome.com

Actagro LLC

2019-02-05

340M USD

Add-on Acquisition

Biola, California · www.actagro.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Extreme Technologies, Inc. (dba Bowtech Archery)	2013-06-21	Excalibur Crossbow, Inc.	2014-01-08	1
Eugene, Oregon · www.bowtecharchery.com	Kitchener, Ontario · www.excaliburcrossbow.com

Company

Acquired

Add-On/Sale

Date

Extreme Technologies, Inc. (dba Bowtech Archery)

2013-06-21

Excalibur Crossbow, Inc.

2014-01-08

Eugene, Oregon · www.bowtecharchery.com

Kitchener, Ontario · www.excaliburcrossbow.com

Sector	Current #	Value	All-time #	Value
Consumer Products	1 (5%)	-	8 (12%)	-
Information Technology	3 (14%)	-	7 (11%)	-
Distribution	-	-	4 (6%)	4.2B (57%)
Software	1 (5%)	-	4 (6%)	500M (7%)
Chemicals	1 (5%)	-	3 (5%)	200M (3%)
Consumer Services	2 (10%)	-	3 (5%)	-
Food	2 (10%)	-	3 (5%)	-
Manufacturing	1 (5%)	-	3 (5%)	-
Engineering	1 (5%)	-	2 (3%)	2.4B (32%)
Apparel/Textiles	2 (10%)	-	2 (3%)	-
Communications	-	-	2 (3%)	-
Healthcare Services	2 (10%)	-	2 (3%)	-
Plastics	-	-	2 (3%)	-
Retail	-	-	2 (3%)	-
Media	-	-	1 (2%)	80M (1%)
Aerospace	1 (5%)	-	1 (2%)	-
Automotive	-	-	1 (2%)	-
Building Materials	-	-	1 (2%)	-
Business Services	-	-	1 (2%)	-
Construction	-	-	1 (2%)	-
Defense	-	-	1 (2%)	-
Education	1 (5%)	-	1 (2%)	-
Electrical Equipment	-	-	1 (2%)	-
Environmental	-	-	1 (2%)	-
Financial Services	-	-	1 (2%)	-
Furniture	1 (5%)	-	1 (2%)	-
Information Services	-	-	1 (2%)	-
Insurance	-	-	1 (2%)	-
Medical Products	1 (5%)	-	1 (2%)	-
Renewable Energy	-	-	1 (2%)	-
Technology Hardware	1 (5%)	-	1 (2%)	-
Test/Measurement Equipment	-	-	1 (2%)	-
Total	21	-	65	$7.3B

Sector

Current #

Value

All-time #

Value

Consumer Products

1 (5%)

8 (12%)

Information Technology

3 (14%)

7 (11%)

Distribution

4 (6%)

4.2B (57%)

Software

1 (5%)

4 (6%)

500M (7%)

Chemicals

1 (5%)

3 (5%)

200M (3%)

Consumer Services

2 (10%)

3 (5%)

Food

2 (10%)

3 (5%)

Manufacturing

1 (5%)

3 (5%)

Engineering

1 (5%)

2 (3%)

2.4B (32%)

Apparel/Textiles

2 (10%)

2 (3%)

Communications

2 (3%)

Healthcare Services

2 (10%)

2 (3%)

Plastics

2 (3%)

Retail

2 (3%)

Media

1 (2%)

80M (1%)

Aerospace

1 (5%)

1 (2%)

Automotive

1 (2%)

Building Materials

1 (2%)

Business Services

1 (2%)

Construction

1 (2%)

Defense

1 (2%)

Education

1 (5%)

1 (2%)

Electrical Equipment

1 (2%)

Environmental

1 (2%)

Financial Services

1 (2%)

Furniture

1 (5%)

1 (2%)

Information Services

1 (2%)

Insurance

1 (2%)

Medical Products

1 (5%)

1 (2%)

Renewable Energy

1 (2%)

Technology Hardware

1 (5%)

1 (2%)

Test/Measurement Equipment

1 (2%)

Total

$7.3B

State/Country	Current #	Value	All-time #	Value
United States	19 (90%)	-	62 (95%)	5.0B (68%)
	Minnesota	3 (14%)	-	13 (20%)	-
	California	-	-	6 (9%)	580M (8%)
	Illinois	2 (10%)	-	5 (8%)	4.2B (57%)
	Georgia	2 (10%)	-	4 (6%)	-
	Wisconsin	-	-	4 (6%)	-
	New York	1 (5%)	-	3 (5%)	-
	Texas	2 (10%)	-	2 (3%)	-
	Maryland	1 (5%)	-	2 (3%)	-
	Colorado	1 (5%)	-	2 (3%)	-
	Oregon	1 (5%)	-	2 (3%)	-
	Iowa	-	-	2 (3%)	200M (3%)
	Kentucky	-	-	2 (3%)	-
	Kansas	-	-	2 (3%)	-
	Florida	-	-	2 (3%)	-
	Oklahoma	1 (5%)	-	1 (2%)	-
	Missouri	1 (5%)	-	1 (2%)	-
	Maine	1 (5%)	-	1 (2%)	-
	Connecticut	1 (5%)	-	1 (2%)	-
	Utah	1 (5%)	-	1 (2%)	-
	Pennsylvania	1 (5%)	-	1 (2%)	-
	North Carolina	-	-	1 (2%)	-
	New Jersey	-	-	1 (2%)	-
	Massachusetts	-	-	1 (2%)	-
	Virginia	-	-	1 (2%)	-
	South Dakota	-	-	1 (2%)	-
Canada	2 (10%)	-	2 (3%)	-
	Ontario	2 (10%)	-	2 (3%)	-
France	-	-	1 (2%)	2.4B (32%)
Domestic	19 (90%)	-	62 (95%)	5.0B (68%)
Cross-border	2 (10%)	-	3 (5%)	2.4B (32%)
Total	21	-	65	$7.3B

State/Country

Current #

Value

All-time #

Value

United States

19 (90%)

62 (95%)

5.0B (68%)

Minnesota

3 (14%)

13 (20%)

California

6 (9%)

580M (8%)

Illinois

2 (10%)

5 (8%)

4.2B (57%)

Georgia

2 (10%)

4 (6%)

Wisconsin

4 (6%)

New York

1 (5%)

3 (5%)

Texas

2 (10%)

2 (3%)

Maryland

1 (5%)

2 (3%)

Colorado

1 (5%)

2 (3%)

Oregon

1 (5%)

2 (3%)

Iowa

2 (3%)

200M (3%)

Kentucky

2 (3%)

Kansas

2 (3%)

Florida

2 (3%)

Oklahoma

1 (5%)

1 (2%)

Missouri

1 (5%)

1 (2%)

Maine

1 (5%)

1 (2%)

Connecticut

1 (5%)

1 (2%)

Utah

1 (5%)

1 (2%)

Pennsylvania

1 (5%)

1 (2%)

North Carolina

1 (2%)

New Jersey

1 (2%)

Massachusetts

1 (2%)

Virginia

1 (2%)

South Dakota

1 (2%)

Canada

2 (10%)

2 (3%)

Ontario

2 (10%)

2 (3%)

France

1 (2%)

2.4B (32%)

Domestic

19 (90%)

62 (95%)

5.0B (68%)

Cross-border

2 (10%)

3 (5%)

2.4B (32%)

Total

$7.3B

Type	Current #	Value	All-time #	Value
Secondary Buyout	7 (33%)	-	22 (34%)	7.3B (99%)
Buyout (LBO, MBO, MBI)	3 (14%)	-	18 (28%)	-
Growth Capital	9 (43%)	-	15 (23%)	-
Recapitalization	1 (5%)	-	4 (6%)	-
Divestiture	1 (5%)	-	3 (5%)	-
Stake Purchase	-	-	2 (3%)	80M (1%)
Consolidation	-	-	1 (2%)	-
Total	21	-	65	$7.3B

Type

Current #

Value

All-time #

Value

Secondary Buyout

7 (33%)

22 (34%)

7.3B (99%)

Buyout (LBO, MBO, MBI)

3 (14%)

18 (28%)

Growth Capital

9 (43%)

15 (23%)

Recapitalization

1 (5%)

4 (6%)

Divestiture

1 (5%)

3 (5%)

Stake Purchase

2 (3%)

80M (1%)

Consolidation

1 (2%)

Total

$7.3B

Type	Total #	Value
Secondary Sale	19 (43%)	1.6B (33%)
Trade Sale - Public Company	12 (27%)	3.0B (63%)
Trade Sale	5 (11%)	216M (4%)
IPO	5 (11%)	-
Merger	1 (2%)	-
Sold to Management	1 (2%)	-
Unknown	1 (2%)	-
Total	44	$4.8B

Type

Total #

Value

Secondary Sale

19 (43%)

1.6B (33%)

Trade Sale - Public Company

12 (27%)

3.0B (63%)

Trade Sale

5 (11%)

216M (4%)

IPO

5 (11%)

Merger

1 (2%)

Sold to Management

1 (2%)

Unknown

1 (2%)

Total

$4.8B

Financial	Deals
Houlihan Lokey	4
William Blair & Co. LLC	1
BlackArch Partners LLC	1

Financial

Deals

Houlihan Lokey

William Blair & Co. LLC

BlackArch Partners LLC

Legal	Deals
Winston & Strawn LLP	6
Skadden, Arps, Slate, Meagher & Flom LLP	5
Faegre Baker Daniels LLP	4

Legal

Deals

Winston & Strawn LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Faegre Baker Daniels LLP

buy	#	Total
> $1B	2	$6.6B
$100M to $1B	2	$700M
< $100M	1	$80M
TOTAL	$7.3B
Largest	Univar Solutions, Inc. $4.2B (2010-11-30)

buy

Total

> $1B

$6.6B

$100M to $1B

$700M

< $100M

$80M

TOTAL

$7.3B

Largest

Univar Solutions, Inc.
$4.2B (2010-11-30)

sell	#	Total
> $1B	2	$2.3B
$100M to $1B	10	$2.5B
< $100M	1	$24M
TOTAL	$4.8B
Largest	Becker Underwood, Inc. $1.2B (2012-11-28)

sell

Total

> $1B

$2.3B

$100M to $1B

$2.5B

< $100M

$24M

TOTAL

$4.8B

Largest

Becker Underwood, Inc.
$1.2B (2012-11-28)

		Deals
Acquired from
Investor(s)	34%	22 (34%)
Strategic(s)	3%	2 (3%)
Exited to
Investor(s)	43%	19 (43%)
Strategic(s)	41%	18 (41%)

Deals

Acquired from

Investor(s)

22 (34%)

Strategic(s)

2 (3%)

Exited to

Investor(s)

19 (43%)

Strategic(s)

18 (41%)

Norwest Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

M&A Summary